Artículo VII (Del principio precautorio) Ley N º 28611 Ley General del Ambiente
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Included in Part II of this report:
Report of Independent Registered Public Accounting Firm
Statement of Earnings for each of the years in the three-year period ended December 31, 2004 Statement of Changes in Shareowner’s Equity for each of the years in the three-year period ended December 31, 2004
Statement of Financial Position at December 31, 2004 and 2003
Statement of Cash Flows for each of the years in the three-year period ended December 31, 2004 Notes to Consolidated Financial Statements
Incorporated by reference:
The consolidated financial statements of General Electric Company, set forth in the Annual Report on Form 10-K of General Electric Company (S.E.C. File No. 001-00035) for the year ended December 31, 2004 (pages 23 through 129) and Exhibit 12 (Ratio of Earnings to Fixed Charges) of General Electric Company.
(a) 2. Financial Statement Schedules
Schedule I Condensed financial information of registrant.
Schedule V Supplemental information concerning property and casualty insurance operations.
All other schedules are omitted because of the absence of conditions under which they are required or because the required information is shown in the financial statements or notes thereto.
(a) 3. Exhibit Index
The exhibits listed below, as part of Form 10-K/A, are numbered in conformity with the numbering used in Item 601 of Regulation S-K of the Securities and Exchange Commission.
Exhibit
Number Description
3 (i) A complete copy of the Certificate of Incorporation of GECS as last amended on July 22, 1999 and currently in effect, consisting of the following: (a) the Certificate of Incorporation of GECS as in effect immediately prior to the filing of a Certificate of Amendment on July 22, 1999 (Incorporated by reference to Exhibit 3(i) of the GECS’ Form 10-K Report for the year ended December 31, 1993); and (b) a Certificate of Amendment filed with the Office of the Secretary of State, State of Delaware on July 22, 1999 (Incorporated by reference to Exhibit 3(i) of GECS’ Form 10-Q Report for the quarter ended June 26, 1999).
3 (ii) A complete copy of the By-Laws of GECS as last amended on September 19, 2002, and currently in effect (Incorporated by reference to Exhibit 3(ii) of GECS’ Form 10-K Report for the year ended December 31, 2003).
4 (a) Amended and Restated General Electric Capital Corporation Standard Global Multiple Series Indenture Provisions dated as of February 27, 1997 (Incorporated by reference to Exhibit 4(a) to GECC’s Registration Statement on Form S-3, File No. 333-59707).
4 (b) Third Amended and Restated Indenture dated as of February 27, 1997 between GECC and JPMorgan Chase Bank, N.A., (formerly known as The Chase Manhattan Bank) as successor trustee (Incorporated by reference to Exhibit 4(c) to GECC’s Registration Statement on Form S-3, File No. 333-59707).
4 (c) First Supplemental Indenture dated as of May 3, 1999, supplemental to Third Amended and Restated Indenture dated as of February 27, 1997 (Incorporated by reference to Exhibit 4(dd) to GECC’s Post-Effective Amendment No. 1 to Registration Statement on Form S-3, File No. 333-76479).
4 (d) Second Supplemental Indenture dated as of July 2, 2001, supplemental to Third Amended and Restated Indenture dated as of February 27, 1997 (Incorporated by reference to Exhibit 4 (f) to GECC’s Post-Effective Amendment No. 1 to Registration Statement on Form S-3, File No. 333-40880).
4 (e) Third Supplemental Indenture dated as of November 22, 2002, supplemental to Third Amended and Restated Indenture dated as of February 27, 1997 (Incorporated by reference to Exhibit 4 (cc) to Post-Effective Amendment No. 1 to GECC’s Registration Statement on Form S-3, File No. 333-100527).
4 (f) Fifth Amended and Restated Fiscal and Paying Agency Agreement among GECC, GE Capital Australia Funding Pty Ltd, GE Capital European Funding, GE Capital Canada Funding Company, GE Capital UK Funding and JPMorgan Chase Bank, N.A., J.P. Morgan Bank Luxembourg, S.A. and J.P. Morgan Bank (Ireland) p.l.c. dated as of May 21, 2004 (Incorporated by reference to Exhibit 4(f) to GECS’ Form 10-K Report for the year ended December 31, 2004.)
4 (g) Form of Global Medium-Term Note, Series A, Fixed Rate Registered Note (Incorporated by reference to Exhibit 4(m) to GECC’s Registration Statement on Form S-3, File No. 333- 100527).
4 (h) Form of Global Medium-Term Note, Series A, Floating Rate Registered Note (Incorporated by reference Exhibit 4(n) to GECC’s Registration Statement on Form S-3, File No. 333-100527).
4 (i) Form of Euro Medium-Term Note and Debt Security – Permanent Global Fixed Rate Bearer Note (Incorporated by reference to Exhibit 4(i) to GECS’ Form 10-K Report for the year ended December 31, 2004).
4 (j) Form of Euro Medium-Term Note and Debt Security – Permanent Global Floating Rate Bearer Note (Incorporated by reference to Exhibit 4(j) to GECS’ Form 10-K Report for the year ended December 31, 2004).
4 (k) Form of Euro Medium-Term Note and Debt Security – Temporary Global Fixed Rate Bearer Note (Incorporated by reference to Exhibit 4(k) to GECS’ Form 10-K Report for the year ended December 31, 2004).
4 (l) Form of Euro Medium-Term Note and Debt Security – Temporary Global Floating Rate Bearer Note (Incorporated by reference to Exhibit 4(l) to GECS’ Form 10-K Report for the year ended December 31, 2004).
4 (m) Form of Euro Medium-Term Note and Debt Security – Definitive Fixed Rate Bearer Note (Incorporated by reference to Exhibit 4(m) to GECS’ Form 10-K Report for the year ended December 31, 2004).
4 (n) Form of Euro Medium-Term Note and Debt Security – Definitive Floating Rate Bearer Note (Incorporated by reference to Exhibit 4(n) to GECS’ Form 10-K Report for the year ended December 31, 2004).
4 (o) Agreement to furnish to the Securities and Exchange Commission upon request a copy of instruments defining the rights of holders of certain long-term debt of the registrant and all subsidiaries for which consolidated or unconsolidated financial statements are required to be filed (Incorporated by reference to Exhibit 4(o) to GECS’ Form 10-K Report for the year ended December 31, 2004).
12 (a) Computation of Ratio of Earnings to Fixed Charges.*
12 (b) Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends.*
23 (ii) Consent of KPMG LLP.*
24 Power of Attorney (Incorporated by reference to Exhibit 24 to GECS’ Form 10-K Report for the year ended December 31, 2004).
31(a) Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.*
31(b) Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.*
32 Certification Pursuant to 18 U.S.C. Section 1350.*
99 (a) Income Maintenance Agreement dated March 28, 1991, between General Electric Company and General Electric Capital Corporation. (Incorporated by reference to Exhibit 99(h) to GECC’s Registration Statement on Form S-3, File No. 333-100527).
99 (b) The consolidated financial statements of General Electric Company, set forth in the Annual Report on Form 10-K of General Electric Company (S.E.C. File No. 001-00035) for the year ended December 31, 2004, (pages 45 through 113) and Exhibit 12 (Ratio of Earnings to Fixed Charges) of General Electric Company.
99 (c) Letter, dated February 4, 1999, from Dennis D. Dammerman of General Electric Company to Denis J. Nayden of General Electric Capital Corporation pursuant to which General Electric Company agrees to provide additional equity to General Electric Capital Corporation in conjunction with certain redemptions by General Electric Capital Corporation of shares of its Variable Cumulative Preferred Stock. (Incorporated by reference to Exhibit 99 (g) to General Electric Capital Corporation’s Post-Effective Amendment No. 1 to Registration Statement on Form S-3, File No. 333-59707).
General Electric Capital Services, Inc. and consolidated affiliates Schedule I – Condensed Financial Information of Registrant
General Electric Capital Services, Inc.
Condensed Statement of Current and Retained Earnings
For the years ended December 31 (In millions)
2004 (Restated) 2003 (Restated) 2002 (Restated) Revenues $ 109 $ (47) $ 28 Expenses Interest 212 183 231
Operating and administrative 174 112 349
Total expenses 386 295 580
Loss before income taxes and equity in earnings of affiliates (277) (342) (552)
Income tax benefit 45 79 145
Equity in earnings of affiliates 8,619 8,251 5,082
Cumulative effect of accounting changes – (339) (1,015)
Net earnings 8,387 7,649 3,660
Dividends (3,105) (3,435) (1,965)
Retained earnings at January 1 30,694 26,480 24,785
Retained earnings at December 31 $ 35,976 $ 30,694 $ 26,480
General Electric Capital Services, Inc. and consolidated affiliates Schedule I – Condensed Financial Information of Registrant – (Continued)
General Electric Capital Services, Inc. Condensed Statement of Financial Position
At December 31 (In millions)
2004
(Restated)
2003
(Restated)
Assets
Cash and equivalents $ 45 $ 525
Investment in and advances to affiliates 62,375 52,858
Other assets 517 379
Total assets $ 62,937 $ 53,762
Liabilities and equity
Borrowings $ 7,756 $ 7,257
Other liabilities 389 246
Total liabilities 8,145 7,503
Cumulative preferred stock, $10,000 par value (80,000 shares authorized; 51,000 shares issued and held primarily by consolidated affiliates at
December 31, 2004 and 2003) 510 510
Common stock, $1,000 par value (1,260 shares authorized at December 31, 2004 and 2003, and 1,064 shares issued and outstanding at
December 31, 2004 and 2003) 1 1
Accumulated gains (losses) – net
Investment securities 2,345 1,864
Currency translation adjustments 5,104 2,566
Cash flow hedges (1,354) (1,593)
Minimum pension liabilities (150) (41)
Additional paid-in capital 12,360 12,258
Retained earnings 35,976 30,694
Total shareowner’s equity 54,792 46,259
Total liabilities and equity $ 62,937 $ 53,762
The sum of accumulated gains (losses) on investment securities, currency translation adjustments, cash flow hedges and minimum pension liabilities constitutes “Accumulated nonowner changes other than earnings,” and was $5,945 million and $2,796 million at year-end 2004 and 2003, respectively.
General Electric Capital Services, Inc. and consolidated affiliates Schedule I – Condensed Financial Information of Registrant – (Continued)
General Electric Capital Services, Inc. Condensed Statement of Cash Flows
For the years ended December 31 (In millions) 2004 2003 2002
Cash flows − operating activities $ 3,122 $ 4,114 $ 2,073
Cash flows − investing activities
Decrease (increase) in investment in and advances to affiliates (1,120) 388 (6,736)
Net decrease (increase) in other assets 124 457 (802)
Cash from (used for) investing activities (996) 845 (7,538)
Cash flows − financing activities
Net increase (decrease) in borrowings (maturities of 90 days or less) 499 (1,013 ) 1,141
Dividends paid to shareowner (3,105) (3,435 ) (1,965)
Capital contributions from GE – – 6,300
Cash from (used for) financing activities (2,606) (4,448 ) 5,476
Increase (decrease) in cash and equivalents during year (480) 511 11
Cash and equivalents at beginning of year 525 14 3
Cash and equivalents at end of year $ 45 $ 525 $ 14
General Electric Capital Services, Inc. and consolidated affiliates Schedule I – Condensed Financial Information of Registrant – (Concluded)
General Electric Capital Services, Inc. Notes to Condensed Financial Statements Income taxes
General Electric Company files a consolidated U.S. federal income tax return which includes General Electric Capital Services, Inc. (GE Capital Services). Income tax benefit includes the effect of GE Capital Services on the consolidated return.
Dividends from affiliates
In 2004, we received dividends of $3,104 million from General Electric Capital Corporation (GE Capital) and $5 million from other affiliates. In 2003, we received dividends of $4,431 million from GE Capital and $54 million from other affiliates.
General Electric Capital Services, Inc. and consolidated affiliates Schedule V – Supplemental Information Concerning
Property and Casualty Insurance Operations
(In millions)
At December 31 Years ended December 31
Claims and claims adjustment expenses incurred related to: Deferred acquisition costs Liability for unpaid claims and claims adjustment expenses Discount deducted from liability for unpaid claims and claims adjustment expenses Unearned premiums Earned premiums and commissions Net investment income Current year Prior years Amortization of deferred acquisition costs Paid claims and claims adjustment expenses Premiums written 2004 $ 873 $ 24,961 $ 647 $ 4,909 $ 7,910 $ 1,221 $ 4,808 $ 1,216 $ 1,489 $ 5,927 $ 7,007 2003 964 24,897 596 4,914 8,852 1,403 5,342 876 1,619 6,279 9,209 2002 1,053 26,126 553 5,468 8,017 1,237 5,167 3,553 1,588 6,707 8,219
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
General Electric Capital Services, Inc.
May 6, 2005 By: /s/ Dennis D. Dammerman
(Dennis D. Dammerman)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Signature Title Date
Dennis D. Dammerman* Chairman of the Board May 6, 2005
(Principal Executive Officer)
James A. Parke* Vice Chairman and May 6, 2005
Chief Financial Officer (Principal Financial Officer)
/s/ Philip D. Ameen Senior Vice President and Controller May 6, 2005 Philip D. Ameen (Principal Accounting Officer)
CHARLES E. ALEXANDER* Director DAVID L. CALHOUN* Director
JAMES A. COLICA* Director
PAMELA DALEY* Director
DENNIS D. DAMMERMAN* Director BRACKETT B. DENNISTON* Director ARTHUR H. HARPER* Director JEFFREY R. IMMELT* Director
JOHN H. MYERS* Director
MICHAEL A. NEAL* Director
DAVID R. NISSEN* Director
JAMES A. PARKE* Director
RONALD R. PRESSMAN* Director
JOHN M. SAMUELS* Director
KEITH S. SHERIN* Director
ROBERT C. WRIGHT* Director
A MAJORITY OF THE BOARD OF DIRECTORS
*By: /s/ Philip D. Ameen May 6, 2005
(Philip D. Ameen) Attorney-in-fact
Exhibit 12 (a) General Electric Capital Services, Inc.
and consolidated affiliates
Computation of Ratio of Earnings to Fixed Charges
Year ended December 31
2004 2003 2002 2001 2000 (Dollars In millions) As previously reported As restated As previously reported As restated As previously reported As restated As previously reported As restated As reported Net earnings $ 8,161 $ 8,387 $ 7,415 $ 7,649 $ 3,611 $ 3,660 $ 5,417 $ 5,524 $ 5,192
Provisions for income taxes 1,540 1,688 1,458 1,611 (79 ) (47) 1,380 1,348 1,912
Minority interest 390 390 129 129 143 143 163 163 214
Earnings before income
taxes and minority interest 10,091 10,465 9,002 9,389 3,675 3,756 6,960 7,035 7,318
Fixed Charges:
Interest 11,474 11,603 10,367 10,434 10,078 10,013 10,836 10,874 11,415
One-third of rentals 332 332 298 298 326 326 335 335 392
Total fixed charges 11,806 11,935 10,665 10,732 10,404 10,339 11,171 11,209 11,807
Less interest capitalized,
net of amortization (37 ) (37 ) (23 ) (23 ) (38 ) (38 ) (88 ) (88 ) (121 )
Earnings before income
taxes and minority interest
plus fixed charges $ 21,860 $ 22,363 $ 19,644 $ 20,098 $ 14,041 $ 14,057 $ 18,043 $ 18,156 $ 19,004
Ratio of earnings to fixed
Exhibit 12 (b) General Electric Capital Services, Inc.
and consolidated affiliates
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Year ended December 31
2004 2003 2002 2001 2000 (Dollars In millions) As previously reported As restated As previously reported As reestated As previously reported As reestated As previously reported As restated As reported Net earnings $ 8,161 $ 8,387 $ 7,415 $ 7,649 $ 3,611 $ 3,660 $ 5,417 $ 5,524 $ 5,192
Provisions for income taxes 1,540 1,688 1,458 1,611 (79 ) (47 ) 1,380 1,348 1,912
Minority interest 390 390 129 129 143 143 163 163 214
Earnings before income
taxes and minority interest 10,091 10,465 9,002 9,389 3,675 3,756 6,960 7,035 7,318
Fixed Charges:
Interest 11,474 11,603 10,367 10,434 10,078 10,013 10,836 10,874 11,415 One-third of rentals 332 332 298 298 326 326 335 335 392
Total fixed charges 11,806 11,935 10,665 10,732 10,404 10,339 11,171 11,209 11,807 Less interest capitalized,
net of amortization (37 ) (37 ) (23 ) (23 ) (38 ) (38) (88 ) (88 ) (121 )
Earnings before income
taxes and minority interest
plus fixed charges $ 21,860 $ 22,363 $ 19,644 $ 20,098 $ 14,041 $ 14,057 $ 18,043 $ 18,156 $ 19,004
Preferred stock dividend
requirements $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1
Ratio of earnings before
provisions for income
taxes to net earnings 1.19 1.20 1.20 1.21 0.98 0.99 1.25 1.24 1.37
Preferred stock dividend
factor on pre-tax basis 1 1 1 1 1 1 1 1 1
Fixed charges 11,806 11,935 10,665 10,732 10,404 10,339 11,171 11,209 11,807
Total fixed charges and
preferred stock dividend
requirements $ 11,807 $ 11,936 $ 10,666 $ 10,733 $ 10,405 $ 10,340 $ 11,172 $ 11,210 $ 11,808
Ratio of earnings to combined
fixed charges and preferred stock dividends 1.85 1.87 1.84 1.87 1.35 1.36 1.62 1.62 1.61